IRA Account Massachusetts - Roth IRA MA : South Shore Savings Bank

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Individual Retirement Accounts (IRAs)

South Shore Bank offers both traditional IRA accounts and Roth IRA accounts to our customers.

Traditional IRA

With a traditional IRA, your earnings are tax deferred until you start to make withdrawals. Also, your contributions may be tax-deductible.

Roth IRA

A Roth IRA allows you to save after-tax dollars today, let the investment of your earnings grow tax deferred and make qualifying tax free withdrawals. With a Roth IRA, contributions are not tax deductible.

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Your Deposits are Insured in Full
All deposits at South Shore Savings Bank are insured in full. Each depositor is insured by Federal Deposit Insurance Corporation (FDIC) to at least $250,000. All deposits above the FDIC insurance amount are insured by Depositors Insurance Fund (DIF).

"NOTICE OF CHANGES IN TEMPORARY FDIC INSURANCE COVERAGE FOR TRANSACTION ACCOUNTS
All funds in a "noninterest-bearing transaction account" are insured in full by the Federal Deposit Insurance Corporation from December 31, 2010, through December 31, 2012. This temporary unlimited coverage is in addition to, and separate from, the coverage of at least $250,000 available to depositors under the FDIC's general deposit insurance rules.

The term "noninterest-bearing transaction account" includes a traditional checking account or demand deposit account on which the insured depository institution pays no interest. It also includes interest on Lawyers Trust Accounts (“IOLTAs”). It does not include other accounts, such as traditional checking or demand deposit accounts that may earn interest, NOW accounts, and money-market deposit accounts.

For more information about FDIC insurance coverage of transaction accounts, visit www.fdic.gov.